(as of 7:00 AM PST)
As the quarter draws to a close stocks are in a recovery mode after yesterday's sharp declines. In a tumultuous day not seen in years, stocks declined by about 2% causing both the Dow and the S&P 500 Index to turn negative for the year. Still, moves were mild compared to the wild west Shanghai market, which saw a swing from a 4% decline to a close of up 5%...all in a single trading session. There are also hints that a last minute Greek bailout compromise is in the works which has traders interested again. Oil is also recovering from yesterday's sharp decline while gold is giving back some gains. It is normal to see a bounce back type of day after a huge drop as witnessed on Monday but anything other than a sharp rebound might indicate weakness over the short term. Volatility has exploded again after being very quiet for months but even that is calming down as markets seem to be returning to a normal trading pattern.
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